On-chain tracking resource SpotOnChain detected that a prominent Chainlink (LINK) whale recently withdrew over $3.67 million worth of tokens from Binance amidst a marketwide slump.
While concerning in isolation, deeper analysis suggests the entity remains firmly in accumulation mode. According to details, Whale 0x7d2 completed two six-figure LINK withdrawals totaling 194,400 tokens at $18.87 apiece, equating to $3.67 million overall.
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Remarkably, this whale appears to currently be on its initial LINK trading cycle, according to monitors. The whale has stockpiled roughly $16.1 million worth of tokens from Binance at around $17.35 each since January 28th. The whale also gradually deposited back 533,616 LINK as prices rallied to $19.91 between January 28th and February 13th.
Chainlink price drops amidst market turmoil
With roughly 394,400 Chainlink LINK still held in wallets, the whale’s estimated profit so far for 2024 stands impressively at $1.94 million after a single completed roundtrip trade. Meanwhile, LINK has shed 10% in the past week and trades at $18.22.
Rather than signaling capitulation, the calculated actions suggest the potential for renewed buy-side activity once prices stabilize around support levels.
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With profits already banked, the opportunistic whale sits ready to capitalize on any fear-driven mispricing of Chainlink relative to network growth in the coming months.
So, while concerning at first glance, the withdrawal timing by Whale 0x7d2 minimized downside risk while setting up an ideal springboard to continue building an overarching long position.
Investors and traders can thus infer an upbeat outlook on Chainlink’s future, even despite spot prices pulling back lately.
